30 July - 5 August 2012 - orsam

Islamic Bank Allocates Nearly $1 Billion USD for Water, Energy, Food Security in
Africa, Central Asia
Saudi Arabia, JEDDAH — The Jeddah-based Islamic Development Bank (IDB) has announced
$912.8 million USD in funding for development projects in a number of member countries in Africa,
the Middle East and Central Asia.
Bank officials said they approved $274.8 million USD last week for food security and rural
development projects in Cameroon, Chad, Uganda, Benin, Burkina Faso, Mali, Niger, Mauritania and
Togo.
These projects involve providing irrigation water to agricultural lands to increase productivity and
improve food security, and improving overall irrigation systems.
The IDB also approved $683 million USD for hydropower generation and transmission projects in
five member countries -- Morocco, Tunisia, Iran, Uzbekistan and Tajikistan.
According to the bank‘s board chairman, Ahmad Mohamed Ali, this is the largest amount of funds
the bank has allocated at one time since its inception in 1975.
Bank officials also stressed earlier this month that they would fund reconstruction and development
projects in Afghanistan.
Ali said the IDB would offer loans to the Afghan government for agriculture and energy projects.
The bank has already provided $95 million USD for water, irrigation, agriculture and energy projects
there.
In its annual report, the bank reported that around 63.8 percent of its loans in 2011 went toward
water, sanitation and energy projects.
It handled $5.2 billion USD worth of loans that year.
The funds offered by the bank are considered soft loans, since they are interest-free.
―Islamic Bank Allocates Nearly $1 Billion USD for Water, Energy, Food Security in Africa, Central Asia‖, 02/08/2012,
online at: http://www.ooskanews.com/daily-water-briefing/islamic-bank-allocates-nearly-1-billion-usd-water-energyfood-security-africa-c
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